Rainy Day Fund

Local News
8:18 am
Tue January 21, 2014

Balancing the MD State Budget

Governor Martin O'Malley
Credit official photo

ANNAPOLIS, Md. (AP) - A top Maryland budget analyst is encouraging lawmakers to create a greater budget cushion than one included in Gov. Martin O'Malley's budget plan.

Warren Deschenaux said Monday lawmakers should aim to create a fund balance of about $100 million for the next fiscal year. He says the budget submitted by O'Malley last week has about a $30-million cushion.

That's above the state's Rainy Day Fund of about $800 million, but lawmakers and analysts always aim to have that money safely set aside without needing to be tapped.

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News
8:47 am
Thu January 17, 2013

MD Budget Bracing for Federal Cuts


Governor Martin O’Malley says his $37 billion spending plan for the next fiscal year would boost jobs and protect the state from the financial uncertainty of deep spending cuts being considered in Washington.


The Maryland Democrat plans to increase the state’s from 5 percent to 6 percent of the state’s $16 billion general fund.


This will result in a $153 million increase in the fund bringing it to $921 million.


All told this would leave the state with about a$1.1 billion in cash reserves to make any adjustments to any federal cuts.

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News
3:15 pm
Thu August 30, 2012

MD Fiscal Year Ends With Extra $230 Million

State Comptroller Peter Franchot, franchot.com

ANNAPOLIS, Md. (AP) - Maryland has ended fiscal year 2012 with nearly $230 million more than expected.


Comptroller Peter Franchot on Thursday released the final numbers for the fiscal year that ended July 1. Franchot says general fund revenues were about $14.3 billion.


The extra $230 million is on top of about $200 million in fund balance that also is available for the upcoming budget cycle.

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